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The Most Popular Form of Opening a Bank Account: Instant Savings Bank Account Opening  

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The rise of UPI (Unified Payments Interface) transfers in India was inflection from the point of view of financial habits across the country. In May 2023, Indians used UPI to make about 9,415 million online fund transfers, transferring an amount close to ₹14,89,145 crore in value. This significant change has made online savings accounts popular in India. Banks now offer instant account opening procedures that help customers sign up for a savings account online. This article enlists five reasons why Indians prefer an instant account opening today. 

  • An instant account opening helps customers save more

Let us consider IDFC FIRST Bank’s example to understand how you can save more with an IDFC FIRST Bank Instant Savings account: 

  • IDFC FIRST Bank offers a competitive interest rate

A key savings account feature that can help customers save more is a high interest rate. IDFC FIRST Bank offers a competitive interest rate on its savings accounts. 

  • The Zero Fee Banking feature helps customers boost their savings

Zero Fee Banking is a unique feature that does not charge the customers for 28 commonly-used savings account services like RTGS (Real-Time Gross Settlement), IMPS (Immediate Payment Service), and NEFT (National Electronic Funds Transfer). Customers generally pay for charges like Debit Card Issuance fees and chequebook re-issuance expenses, and these charges add up to a considerable sum in the long run. Every IDFC FIRST savings account holder can avoid these charges, thanks to Zero Fee Banking. 

  • The bank also provides monthly interest credits

In addition to these two features, IDFC FIRST Bank also offers monthly interest credits to customers. 

  • The best online savings accounts offer superior access to banking services

Banks now offer secured access to all banking services including access to credit and debit card details, fixed deposit accounts, and bank statements. IDFC FIRST Bank customers can directly download their bank statements through the bank’s mobile app. 

  • Customers can access high loan amounts through their digital savings accounts

IDFC FIRST Bank offers instant personal loans worth up to ₹1 crore, and customers can sign up for this loan directly through the app. Customers can also opt for a balance transfer facility for their personal loans. 

  • An instant account opening process is fast and secure

A key advantage of instant account opening is its overall security. IDFC FIRST Bank, for instance, allows customers to opt for a biometric log in to access their instant savings accounts. You can get instant access to all the banking services from your recurring deposits and bank balance to the details of your credit cards through your mobile app. 

  • Customers can invest in their preferred investment schemes through an online savings account

Popular banking apps like IDFC FIRST’s mobile banking app offers you personalised investment recommendations to help you make the right investment decisions.

Hence, there are several advantages to opening a savings account online. However, before opting for any bank, you must check its mobile banking app’s features.